The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/28/08
Dow Jones Support & Resistance Levels - November 28, 2008
Resistance Levels: 8923.18, 9000, 9300
Support Levels: 8600, 8500, 8311
The Dow Jones has made its 4th straight up day closing over strong resistance of 8500-8600. We bounced off the 10 day moving average for the second straight day at around 8300. This is what you want to see if you are long this market. The only downside was the volume was light. The next level of resistance I am looking at is the 8923.18 high from mid November. If we can close above this level you could really get a nice spike to the 50 day moving average which is currently just under 9300. Dow 9000 will be tough to get through however, even harder then the 8500-8600 level today. Speaking of 8500, that is where I am putting my stop loss order... if we close under 8500 at any point, I think the selling comes right back into the market. Bottom Line - I am still very bullish here with a tight stop. Monday the volume will come back and we will see if this rally was for real!
The Stock Market ends at 1pm Est on Friday, November 28th, for the Holiday.
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